Amended and Restated Change in Control and Performance Share Unit Award Agreement for Executives
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Summary
This agreement outlines the terms for performance share unit awards granted to certain executives of the company. On January 25, 2021, executives were given the opportunity to earn company stock based on achieving specific performance goals over a 36-month period, from January 1, 2021, to December 31, 2023. The number of shares each executive may receive is specified in the agreement, and the awards will vest on January 25, 2024, if the performance criteria are met.
EX-10.71 2 exhibit107110k2020q4.htm EX-10.71 TO FORM 10-K 12-31-20 Document
EXHIBIT 10.71
TERMS OF AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT
The form of Performance Share Unit Award Agreement (the “Agreement”), filed as Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, contains blanks where the grantee's name, target number of shares, grant date, vesting date, performance measurement period, shortened performance measurement period start date, and months in term provided under the Agreement vary for each executive.
On January 25, 2021, performance share awards were granted providing certain executives the opportunity to earn common stock, the number of which is determined pursuant to, and subject to the attainment of performance goals. The performance share awards were granted with a term of 36 months and vest on January 25, 2024. The performance period start date was January 1, 2021 thereby making the performance period January 1, 2021 through December 31, 2023. The target number of shares for each executive awarded performance shares on January 25, 2021 is listed below.
Executive Officer | Target number of shares | ||||
Edward O. Handy III | 8,720 | ||||
Mark K.W. Gim | 4,180 | ||||
Ronald S. Ohsberg | 3,250 | ||||
Kristen L. DiSanto | 2,830 | ||||
James M. Hagerty | 2,830 | ||||
Mary E. Noons | 2,830 | ||||
Kathleen A. Ryan | 2,830 | ||||
William K. Wray | 2,830 | ||||
Dennis L. Algiere | 2,080 | ||||
Debra A. Gormley | 2,080 | ||||
Maria N. Janes | 2,080 |